A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Open listing	A contract under which the broker is commissioned to find a buyer before the property is sold by the seller or another competing broker
Option	The agreement to keep an offer to purchase or lease open for a specific period of time
Option listing	An agreement by which the broker advertising the property has the right to purchase the listed property himself
Origination fee	A fee paid to the lender for processing a loan application
Owner financing	A property transaction for which the seller provides all or part of the financing to the buyer
Owner's Title Insurance	A policy insuring the full purchase price of a piece of property for the buyer, usually including adjustments for inflation each year up to a maximum of 150% of the original policy amount, the premium for which is payable at the time of closing

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Closing or Settlement >Handle Needed Repairs Early

There is a standard chain of events that occurs when an offer comes in on a home. After a meeting of the minds, the buyer often brings in a home inspector who may find a few items that need to be repaired. The real estate agent gives the homeowner a list of the requested repairs. What comes next?

In most transactions, the seller will take care of the repairs. Many sellers wait until the week before the closing to call someone to do the work, because they want to be sure that they are going to make it to the closing table before they spend money on repair work. If you are responsible for making repairs to a home you are selling, make sure you have the work done well in advance of the closing date by licensed professionals who will stand behind their work. If the work is done at the last minute and is incomplete or unsatisfactory, it could cause complications at the closing. You should provide the buyers with all the receipts and the names of the persons to contact in case there is a problem with the repairs.

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Real Estate Trivia

Q	What home product makes lawn mowing easier than ever?
A	The Robomow, a robot lawn mower manufactured in the UK by Friendly Machines, can cut 6,000 square yards of lawn all by itself.
See More Real Estate Trivia >

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Rhonda Mortensen Long & Foster Real Estate Inc. Bethesda Gateway Office 4650 East West Highway Bethesda, Maryland 20814 Office: 301-907-7600 Home: 301-585-1180 Toll Free: 800-762-0294 Fax: 301-907-6610 Email: rhondamortensen@NUMBER1EXPERT.com Email: rhondamortensen1@gmail.com Together we will work as a team to buy the perfect house or sell your current home. My role is to listen and understand your needs, wants, requirements and timelines with 100% clarity. Then, with my market expertise, we will develop a solid plan of action. Rest assured, I will be in contact with you daily with new leads so that we can move swiftly against timelines. I will be available to you at all times via phone, email or in-person – whichever style of communication you prefer. Contact me now!

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